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Transfer pricing comparability excludes functionally different providers and companies whose abnormal profits from extraordinary circumstances distort...
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Capital gains arising on conversion of land into stock-in-trade under section 45(2) are chargeable in the previous year in which the converted stock is sold or otherwise transferred. Where land is developed under a development agreement and the owner's share of constructed property is sold in stages, the gain is taxable proportionately in the respective years of sale. If gains are already offered to tax in those years, assessing the entire gain in one year would duplicate those amounts.
Capital gains arising on conversion of land into stock-in-trade under section 45(2) are chargeable in the previous year in which the converted stock is sold or otherwise transferred. Where land is developed under a development agreement and the owner's share of constructed property is sold in stages, the gain is taxable proportionately in the respective years of sale. If gains are already offered to tax in those years, assessing the entire gain in one year would duplicate those amounts.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
